Cboe Europe Equities Liquidity Provider Program
The Cboe Europe Equities Liquidity Provider Program (LPP) has been designed to ensure deep liquidity in securities traded on the Cboe Europe Equities (Cboe) integrated order books. Registered Liquidity Providers post and maintain continuous bid and ask prices for their chosen securities, subject to certain commitments as set out below.
|Securities from the following indices become eligible for LPP registration|
In the event that a security leaves one of these indices, it will continue to be eligible for the LPP. Additional stocks may be added to the Liquidity Provider Program on application from a Participant wishing to provide liquidity in such stock and the subsequent confirmation by Cboe in its sole discretion that such a stock has been accepted into the LPP.
A list of the eligible securities is available here.
Key Liquidity Provider Commitments
Cboe has three Liquidity Provider Programs. Participants can choose to participate for one or more of these programs. Participants must post and maintain executable quotes on the integrated order book(s) for the chosen securities and complying with the time, size and price requirements, as set out in the table below:
|Required Size *||Specified Price %||Required Time|
|Program 2||€5,000||As per RLP commitment||95%|
Features of the LPP
- A broad range of eligible securities
- Straightforward application process
- Ability to select or update registered securities via website login
- Registered Liquidity Providers (RLP) can either register in a portfolio of their chosen securities or quickly select a specific index or market segment
Benefits for Registered Liquidity Providers
- Recognition on the Cboe website as a registered liquidity provider, showing your firm’s commitment to providing liquidity
- Customised reports for registered liquidity providers to track their performance
How to Become a Registered Liquidity Provider
Only direct trading Participants of Cboe are eligible to become registered liquidity providers. The three step process for Participants is:
- complete and sign the Liquidity Provider Addendum to the Participant Agreement, agreeing to the terms and obligations of the Program;
- choose the securities for which your firm would like to register; and
- identify and assign specific trading groups for the LPP.
Current Registered Liquidity Providers
|BNP Paribas Arbitrage SNC||Yes||Yes|
|BRED Banque Populaire||Yes||No|
|Citadel Securities (Europe) Limited||Yes||Yes|
|Citadel Securities GCS (Ireland) Limited||Yes||Yes|
|Erste Group Bank AG||No||Yes|
|Hudson River Trading Europe Limited||Yes||Yes|
|Intermonte Sim SPA||Yes||No|
|Jump Trading Europe B.V.||Yes||Yes|
|ORA Traders BV||Yes||No|
|Qube Fund Ltd||Yes||No|
|Societe Generale London Branch||Yes||Yes|
|Squarepoint Master Fund Ltd||Yes||No|
|Tower Research Capital Europe BV||Yes||Yes|
|Tower Research Capital Europe Limited||Yes||Yes|
|Virtu Financial Ireland Ltd||Yes||Yes|
|XTX Markets Limited||Yes||Yes|
Further details of the LPP can be found in the Participant Manual.
Participants who are interested in the LPP and would like to become a registered liquidity provider should review the following documents: